MIRA INFORM REPORT
|
Report Date : |
25.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA HYBRID SEEDS COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Resham Bhavan, 4th Floor, 78, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.04.1970 |
|
|
|
|
Com. Reg. No.: |
11-014600 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 293.048
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01100MH1970PLC014600 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKM03615D / MUMM20351C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM2809C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Agro Based Commodities. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having a fine track record.
It has achieved some growth in its turnover and profits during 2012.
Financial position of the company appears to be sound. Trade relations are
reported as decent. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/Factory : |
Resham Bhavan, 4th Floor, 78, |
|
Tel. No.: |
91-22-30273025 / 30273013 / 22043020 / 22853832 / 22853833 |
|
Fax No.: |
91-22-22047871 |
|
E-Mail : |
|
|
Website |
|
|
Location : |
Owned |
DIRECTORS
As on 25.07.2013
|
Name : |
Mr. Badrinarayan Ramulal Barwale |
|
Designation : |
Chairman |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
13.08.1931 |
|
Date of Appointment : |
04.05.1970 |
|
DIN No.: |
00001479 |
|
|
|
|
Name : |
Mr. Rajendra Badrinarayan Barwale |
|
Designation : |
Managing Director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
12.12.1955 |
|
Qualification : |
B.Sc |
|
Experience : |
31 Years |
|
Date of Appointment : |
18.08.2008 |
|
DIN No.: |
00001678 |
|
|
|
|
Name : |
Mr. Shyamsunder Gopilalji Agrawal |
|
Designation : |
Deputy Managing Director |
|
Address : |
62, Jolly Maker, Apartment No. 11, Opposite World Trade Centre, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
02.12.1940 |
|
Date of Appointment : |
07.03.2013 |
|
DIN No.: |
00001949 |
|
|
|
|
Name : |
Mrs. Usha Brent Zehr |
|
Designation : |
Whole Time Director |
|
Address : |
Mahyco Life Research Centre, Dawalwadi, Jalna – 431203, |
|
Date of Birth/Age : |
28.11.1961 |
|
Qualification : |
M.S.Phd. |
|
Date of Appointment : |
01.11.2008 |
|
DIN No.: |
00002982 |
|
|
|
|
Name : |
Mr. Shirish Rajendra Barwale |
|
Designation : |
Whole Time Director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
24.02.1982 |
|
Qualification : |
B.Sc (Applied Economics and Management), MBA |
|
Experience : |
5 Years |
|
Date of Appointment : |
24.01.2013 |
|
DIN No : |
00152584 |
|
|
|
|
Name : |
Mr. Richard Gerald Gaudet |
|
Designation : |
Independent Director |
|
Address : |
2202, Stoneridge Terrace, |
|
Date of Birth/Age : |
28.05.1955 |
|
Date of Appointment : |
09.08.2011 |
|
DIN No : |
02953178 |
|
|
|
|
Name : |
Mr. Sekhar Manakkal Natarajan |
|
Designation : |
Director |
|
Address : |
No.17, Gauri Giridhar Road No.2, Pestom Sagar, Chembur, Mumbai-400089,
Maharashtra, India |
|
Date of Birth/Age : |
14.12.1953 |
|
Qualification : |
B COM ACA AICWA |
|
Date of Appointment : |
09.08.2011 |
|
DIN No : |
01031445 |
|
|
|
|
Name : |
Mr. Narain Pattabhiram Duraiswami |
|
Designation : |
Director appointed in Casual Vacancy |
|
Address : |
Quantum Park, A Wing, 8th Floor, Flat No.803-804, Union
Park, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1963 |
|
Qualification : |
CA MBA (US) |
|
Date of Appointment : |
24.07.2012 |
|
DIN No : |
03310642 |
|
|
|
|
Name : |
Mr. Abdul Alim Rajabali Sayed
|
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
B/71, Iris Park, Patel Estate Raod, Jogeshwari (Wast), Mumbai –
400102, Maharashtra, India |
|
Date of Birth/Age : |
25.08.1972 |
|
Date of Appointment : |
01.07.2012 |
|
DIN No : |
01976457 |
|
|
|
|
Name : |
Mr. Gyanendra Basantlal Shukla |
|
Designation : |
Alternate Director |
|
Address : |
B3006, 30th Floor, Oberoi Woods CHS Limited, Mohan Gokhale Road, Goragaon (East), Mumbai
– 400063, Maharashtra India |
|
Date of Birth/Age : |
15.08.1966 |
|
Date of Appointment : |
17.04.2013 |
|
DIN No. : |
02922133 |
|
|
|
|
Name : |
Ms. Shilpa Shridhar Divekar |
|
Designation : |
Alternate Director |
|
Address : |
R-1501, F-15W, P-845/848, Raheja Princess, Agar Bazar, Raobahadur, SK
Bole Road, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
30.11.1973 |
|
Date of Appointment : |
25.07.2013 |
|
DIN No. : |
06619353 |
KEY EXECUTIVES
|
Name : |
Ms. Uma Ramaswamy |
|
|
Designation : |
Company Secretary |
|
|
Address : |
C 503, Nirman Bihar, Pump House, Andheri – (East), Mumbai – 400093,
Maharashtra, India |
|
|
Date of Birth/Age : |
03.10.1962 |
|
|
Date of Appointment : |
01.05.2012 |
|
|
Pan No.: |
ABTPR2029L |
|
|
|
|
|
|
Name : |
Mr. P.L. Gaekwad |
|
|
Designation : |
Sr. Vice President (HR) |
|
|
|
|
|
|
Name : |
Mr. A.R. Subbarao |
|
|
Designation : |
Sr. Vice President (Vegetable) |
|
|
|
|
|
|
Name : |
Mr. K.V. Somani |
|
|
Designation : |
Vice President (Strategic Planning) |
|
|
|
|
|
|
Name : |
Mr. Matthew C. Beckwith |
|
|
Designation : |
Lead-Business Development (South East Asia) |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2013
|
Names of Shareholders Class A |
No. of Shares |
|
Usha Brent Zehr |
260224 |
|
Harirani Investment and Trading Private Limited, India |
4277042 |
|
Almet Healthcare Private Limited, India |
320622 |
|
John Fowler Ocular Lenses Private Limited, India |
535418 |
|
Monsanto Holdings Private Limited, India |
2285754 |
|
Badrinarayan Ramulal Barwale |
331784 |
|
Rajendra Badrinarayan Barwale |
780668 |
|
Sandeep Kulkarni |
8 |
|
TOTAL |
8791520 |
|
Names of Shareholders Class B1 |
No. of Shares |
|
Monsanto Holdings Private Limited, India |
761904 |
|
TOTAL |
761904 |
|
Names of Shareholders Class B2 |
No. of Shares |
|
Usha Brent Zehr |
86740 |
|
Harirani Investment and Trading Private Limited, India |
1588194 |
|
Almet Healthcare Private Limited, India |
108500 |
|
John Fowler Ocular Lenses Private Limited, India |
14250 |
|
Badrinarayan Ramulal Barwale |
110592 |
|
Rajendra Badrinarayan Barwale |
260220 |
|
TOTAL |
2168496 |
Equity Share Break up (Percentage of Total Equity)
As on 24.07.2012
|
Category |
Percentage of
Holding |
|
Bodies corporate |
84.39 |
|
Directors or relatives of Directors |
15.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Agro Based Commodities. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
Seeds |
343500 |
158490 |
GENERAL INFORMATION
|
Bankers : |
·
Syndicate
Bank Backbay
Reclamation, Motimahal, Mumbai – 400 020, ·
Bank of Pune Corporate Banking Branch, 1162/6, Shivajinagar, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J K Doshi and Company Chartered Accountants |
|
Address : |
19 Khetan Bhavan, 198 Jamshedji Tata Road, Mumbai – 400020,
Maharashtra, India |
|
PAN No.: |
AAAFJ0776E |
|
|
|
|
Name : |
Ford, Rhodes, Parks and Company Chartered Accountants |
|
Address : |
312/313, Sai Commercial Building, BKS Devshi Marg, Govandi,
Mumbai-400088, Maharashtra, India |
|
PAN No.: |
AAAFF1843L |
|
|
|
|
Holding company: |
·
Harirani Investment and Trading Private Limited |
|
|
|
|
Related enterprises with whom transactions have taken place during the
year: |
·
Sungro Seeds Limited, India CIN: U74999MH1991PLC061969 ·
Deccan Plantations Private Limited ·
Almet Healthcare Private Limited (Formerly Almet
Corporation Limited) ·
Barwale Seeds Private Limited ·
Leadbeter Seeds Private Limited ·
John Fowler (India) Private Limited ·
John Fowler Ocular Lenses Private Limited
(Formerly John Fowler Opthalmics ·
Private Limited) ·
Marathwada Engineers Private Limited ·
Monsanto Holdings Private Limited ·
Barwale Foundation ·
Indian Foundation Seeds and Services Association ·
Fowler Westrup India Private Limited ·
Jalna Seed Processing and Refrigeration Company
Limited. ·
Trust for Advancement of Agriculture Science ·
Vasantrao Naik Agriculture ·
Research and Rural Development Foundation ·
Shri Ganpati Netralaya (Mahyco Research
Foundation Trust) ·
Harirani Investment and Trading Private Limited |
|
|
|
|
Joint venture with whom Transactions have taken place during the year: |
Mahyco Monsanto Biotech (India) Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15200000 |
Class A Equity Shares |
Rs. 25/- each |
Rs. 380.000 millions |
|
800000 |
Class B1 Equity Shares |
Rs. 25/- each |
Rs. 20.000
millions |
|
2400000 |
Class B2 Equity Shares |
Rs. 25/- each |
Rs. 60.000
millions |
|
20000000 |
Preference Shares |
Rs. 10/- each |
Rs. 200.000
millions |
|
|
TOTAL |
|
Rs. 660.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8791520 |
Class A Equity Shares |
Rs. 25/- each |
Rs. 219.788
millions |
|
761904 |
Class B1 Equity Shares |
Rs. 25/- each |
Rs. 19.048
millions |
|
2168496 |
Class B2 Equity Shares |
Rs. 25/- each |
Rs. 54.212
millions |
|
|
Total |
|
Rs. 293.048 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
293.048 |
293.048 |
|
(b) Reserves & Surplus |
|
3005.915 |
1853.929 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3298.963 |
2146.977 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
337.520 |
310.822 |
|
(b) Deferred tax liabilities (Net) |
|
465.399 |
445.155 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
134.835 |
129.399 |
|
(e) Foreign
currency monetary item translation difference liability account |
|
58.412 |
56.130 |
|
Total Non-current
Liabilities (3) |
|
996.166 |
941.506 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
79.392 |
5.588 |
|
(b) Trade
payables |
|
733.300 |
694.722 |
|
(c) Other
current liabilities |
|
2952.399 |
4736.241 |
|
(d) Short-term
provisions |
|
75.554 |
164.037 |
|
Total Current
Liabilities (4) |
|
3840.645 |
5600.588 |
|
|
|
|
|
|
TOTAL |
|
8135.774 |
8689.071 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1704.380 |
1203.736 |
|
(ii)
Intangible Assets |
|
29.459 |
26.885 |
|
(iii)
Capital work-in-progress |
|
28.150 |
327.898 |
|
(iv)
Intangible assets under development |
|
257.703 |
250.118 |
|
(b) Non-current Investments |
|
445.986 |
346.538 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
106.743 |
121.827 |
|
(e) Other
Non-current assets |
|
0.030 |
0.024 |
|
Total Non-Current
Assets |
|
2572.451 |
2277.026 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
855.701 |
1538.808 |
|
(b)
Inventories |
|
2012.520 |
1704.210 |
|
(c) Trade
receivables |
|
246.362 |
131.465 |
|
(d) Cash
and cash equivalents |
|
248.562 |
1919.966 |
|
(e)
Short-term loans and advances |
|
2145.035 |
1032.032 |
|
(f) Other
current assets |
|
55.143 |
85.564 |
|
Total
Current Assets |
|
5563.323 |
6412.045 |
|
|
|
|
|
|
TOTAL |
|
8135.774 |
8689.071 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
293.048 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1990.343 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2283.391 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
176.239 |
|
|
2] Unsecured Loans |
|
|
1.277 |
|
|
TOTAL BORROWING |
|
|
177.516 |
|
|
DEFERRED TAX LIABILITIES |
|
|
331.859 |
|
|
Other Liabilities |
|
|
0.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2793.266 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1294.338 |
|
|
Capital work-in-progress |
|
|
169.745 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
850.029 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1834.230
|
|
|
Sundry Debtors |
|
|
113.707
|
|
|
Cash & Bank Balances |
|
|
1135.283
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
946.622
|
|
Total
Current Assets |
|
|
4029.842 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1133.526
|
|
|
Other Current Liabilities |
|
|
2090.647
|
|
|
Provisions |
|
|
326.515
|
|
Total
Current Liabilities |
|
|
3550.688 |
|
|
Net Current Assets |
|
|
479.154
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2793.266 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5237.397 |
5156.296 |
4549.253 |
|
|
|
Other Income |
1630.365 |
1110.763 |
1156.749 |
|
|
|
TOTAL (A) |
6867.762 |
6267.059 |
5706.002 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1832.509 |
1304.657 |
|
|
|
|
Purchases of stock-in-trade |
0.509 |
0.671 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(295.869) |
115.218 |
|
|
|
|
Employee benefit expense |
761.368 |
658.538 |
|
|
|
|
Other expenses |
2548.103 |
2554.424 |
|
|
|
|
Prior period items |
0.000 |
(23.122 |
|
|
|
|
TOTAL (B) |
4846.620 |
4610.386 |
4337.408 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2021.142 |
1656.673 |
1368.594 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.241 |
31.304 |
12.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1964.901 |
1625.369 |
1355.074 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
106.276 |
131.057 |
145.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1858.625 |
1494.312 |
1210.629 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
154.776 |
268.254 |
105.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1703.849 |
1226.058 |
1104.275 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
629.121 |
888.414 |
284.132 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
293.044 |
0.000 |
34.862 |
|
|
|
Interim Dividend Payable |
181.688 |
1172.192 |
205.130 |
|
|
|
Tax on Interim Dividends |
77.013 |
190.159 |
21.294 |
|
|
|
Transferred to General Reserve |
170.500 |
123.000 |
110.500 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
0.000 |
128.207 |
|
|
BALANCE CARRIED
TO THE B/S |
1610.725 |
629.121 |
888.414 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
47.621 |
40.133 |
|
|
|
|
Research grant received |
13.855 |
19.220 |
30.045 |
|
|
TOTAL EARNINGS |
61.476 |
59.353 |
68.919 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Seeds |
NA |
25.469 |
24.833 |
|
|
|
Chemicals
and Consumed |
NA |
5.214 |
1.308 |
|
|
|
Capital
Goods |
NA |
33.829 |
31.956 |
|
|
|
TOTAL IMPORTS |
NA |
64.512 |
58.097 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
145.36 |
104.60 |
94.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
24.81
|
19.56 |
19.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
35.49
|
28.98 |
26.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.10
|
19.25 |
22.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.70 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.13
|
0.15 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.14 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10266046 |
11/01/2011 |
9,256,500.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
B05209739 |
|
2 |
10246816 |
30/09/2010 |
15,300,300.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
A97021737 |
|
3 |
10202521 |
06/02/2010 |
1,000,000,000.00 |
BANK OF INDIA PUNE CORPORATE BANKING BRANCH |
1162/6, SHIVAJINAGAR, UNIVERSITY ROAD, PUNE - 411005, PUNE, MAHARASHTRA, INDIA |
A79145769 |
|
4 |
10117300 |
24/07/2008 |
134,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAG AR, UNIVERSITY ROAD,NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
A43219732 |
|
5 |
90158245 |
13/01/2004 * |
45,490,571.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAG AR, UNIVERSITY ROAD,NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
6 |
90160587 |
09/10/2003 |
471,490,571.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAG AR, UNIVERSITY ROAD,NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
7 |
90218538 |
09/10/2003 |
114,062,559.00 |
BANK OF INDIA |
SHIVAJINAGAR, UNIVERSITY ROAD, PUNE, MAHARASHTRA |
- |
|
8 |
80056883 |
31/12/2005 * |
426,000,000.00 |
BANK OF INDIA ( LEAD BANK) |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAG AR, UNIVERSITY ROAD,NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
9 |
90144588 |
18/07/2003 |
15,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAG AR, UNIVERSITY ROAD,NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
10 |
90219819 |
08/03/2002 |
40,000,000.00 |
SYNDICATE BANK |
BACKBAY RECLMN., MOTIMAHAL, MUMBAI - |
- |
|
11 |
90143336 |
18/04/2002 * |
134,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRNACH, PUNE - |
- |
|
12 |
90218092 |
02/06/1997 |
70,800,000.00 |
BANK OF MAHARASHTRA |
SUBASHROAD BRANCH, JALNA - 431203, MAHARASHTRA, INDIA |
- |
|
13 |
90218038 |
25/09/1996 |
20,000,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
14 |
90217975 |
05/03/1998 * |
58,000,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
15 |
90219017 |
05/10/1995 |
34,446,000.00 |
CANARA BANK |
HI-TECH, PUNE - 411016, MAHARASHTRA, INDIA |
- |
|
16 |
90217872 |
31/12/1996 * |
305,000,000.00 |
BANK OF INDIA |
SANESHKIND ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
17 |
90219001 |
18/01/1995 |
305,000,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
18 |
90217859 |
05/03/1998 * |
272,000,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
19 |
90217715 |
05/03/1998 * |
94,617,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
20 |
90217644 |
18/01/1993 * |
305,000,000.00 |
BANK OF INDIA |
SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
21 |
90217637 |
11/01/1993 * |
76,418,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
22 |
90217471 |
18/01/1991 |
400,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF IND |
163; BACKBAYR RECLAMATION, MUMBAI - 4 |
- |
|
23 |
90217463 |
26/12/1990 |
3,700,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF IND |
163; BACKBAYR RECLAMATION, MUMBAI - 4 |
- |
|
24 |
90217272 |
15/12/1988 |
10,280,000.00 |
BANK OF INDIA |
JALNA BRANCH, NEW MONDHA, JALNA, MAHARASHTRA, INDIA |
- |
|
25 |
90217081 |
31/10/1986 |
10,800,000.00 |
BANK OF MAHARASHTRA |
JALNA BRANCH, NEW MONDHA, JALNA, MAHARASHTRA, INDIA |
- |
|
26 |
90216854 |
04/04/1983 |
176,900.00 |
BANK OF INDIA |
JALNA BRANCH, NEW MONDHA, JALNA, MAHARASHTRA, INDIA |
- |
|
27 |
90216852 |
18/03/1983 |
500,000.00 |
BANK OF INDIA |
JALNA BRANCH, NEW MONDHA, JALNA, MAHARASHTRA, INDIA |
- |
|
28 |
90216561 |
13/03/1973 |
250,000.00 |
BANK OF MAHARASHTRA |
1177; BUDHWAR PETH, JALNA, AURANGABAD, MAHARASHTRA, INDIA |
- |
*Date of Charge modification
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT TERM BORROWING |
|
|
|
Rupee term loans from others |
0.000 |
1.277 |
|
Total |
0.000 |
1.277 |
RESEARCH AND
DEVELOPMENT
The Company’s emphasis on product development to meet the customer needs
using crop breeding as well as Biotechnology are ongoing. The company has
identified and commercialized hybrids of Rice, Bajra, Cotton and Maize suitable
for different market segments. Products with virus tolerance in okra and
hybrids in chili for specific markets were also introduced. New products
introduced in brinjal and tomato, have been well accepted in the market. In its
efforts to focus research efforts on select crops, the company has also put
more resources both human and financial to strengthen the wheat research
program. The wheat and rice products have been extensively tested for their
performance and results are encouraging.
Biotechnology research continued to focus on value addition by
incorporating genes conferring important traits in key crop species during the
year. During the year under review the
Company continued joint research programs with various National/International
Research Institutes/ Universities for development of new technologies.
The Company has continued to obtain No Objection Certificates for
conducting field trials of GM products under development. The Company continues
to work with the regulatory authorities to seek environmental clearance for Bt
Brinjal.
The Company sees technology products helping in meeting the growing food
demand in the country. Increase in productivity will have a number of benefits
to all stakeholders from farmer to consumer.
The Company’s In-House R and D facilities and Research farms are
recognized by the Department of Scientific and Industrial Research (DSIR),
Ministry of Science & Technology, Government of India.
R AND D EXPANSION
The company has expanded its capabilities in germplasm development and
biotechnology with a view to commercialization of new technologies.
Additional lab and support services space at Dawalwadi and state of the
art lab equipment have been completed and occupied for various Research
activities.
SALES AND
MARKETING
The Directors are pleased to report that the Company has further improved
overall performance with growth in Revenue. Efforts to further rationalise
costs has also helped in achieving better performance. The erratic and untimely
rains have adversely affected seed production resulting in shortfall in
availability of seeds, particularly specific hybrids of Cotton and Bajra seed.
Several of the hybrids with BG-II technology supplied by the Company
continued to be preferred choice of the farmer. The company is well placed and
confident to build on this farmer preference in years to come. The ps of both
BG and BG-II hybrids continued to be regulated by different State Governments.
Field Crops business registered an increase of about 14% over the
previous year largely due to improved realization and increased sales volumes of
castor seeds. Marginal increase in turnover of Rice, Wheat, Mustard and Maize
also contributed to turnover growth which could have been better if the Forage
season had not been affected by the extended winter in northern India.
Vegetable business did well to register a growth over the previous year
despite a difficult period of excessive and unusually prolonged cold season of
Rabi. Brand refreshment initiative taken during the year improved the
visibility of the Brand significantly. New market development initiatives in
focus crops Chilli and Bhendi have been promising to help in improving the pace
of growth of these products in the future.
The Company is in the process of undertaking trials of several new
pipeline products in focused vegetable and field crops.
FINANCE
The company enjoys prime rating with the Consortium of Banks and the
rates being offered by them are in line with such ratings.
Fitch Ratings, Mumbai assigned a National Long-term rating of A(ind)
with a stable outlook and A(ind)/F1(ind) to the company’s fund based / non-fund
based facilities from the Consortium of
its Bankers.
The expansion project has been completed on 31st March, 2012 with an
outlay of Rs.870.000 Millions. As reported earlier, the Company was sanctioned
Term Loan of Rs.1000.000 Millions by the consortium of Bankers for funding the
R and D expansion project, against which the company has drawn Rs.670.000
Millions as on 31st March, 2012.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Office Building
· Plant and Equipment
· Emission reduction Equipment
· Other Pollution Reduction Equipment
· Other Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
v
Intangible
Assets
· Trade Marks
· Computer Software
· Patents
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.66 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.